Saba reports 6.73% stake in Japan Smaller Cap fund

Rhea-AI Filing Summary

Saba Capital Management and related parties report a significant stake in Japan Smaller Capitalization Fund, Inc. They beneficially own 1,906,742 common shares, representing 6.73% of the fund’s outstanding common stock based on 28,333,893 shares outstanding as of 9/26/25.

This Amendment No. 7 to Schedule 13D is a joint filing by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. The shares were acquired for investment using investor subscription proceeds, related capital appreciation, and ordinary-course margin account borrowings, with approximately $15,579,583 paid to acquire the reported position.

Insights

Closed-end fund and activism analyst

Saba and affiliates disclose a 6.73% investment stake in JOF.

Saba Capital Management, its general partner, and Boaz Weinstein jointly report beneficial ownership of 1,906,742 common shares of Japan Smaller Capitalization Fund, Inc., or 6.73% of outstanding shares, with about $15,579,583 paid for this position.

The filing states the shares were purchased using investor subscription proceeds, capital appreciation, and ordinary-course margin account borrowings. Item 4 (purpose of transaction) is marked not applicable in this amendment, so no new strategic intentions or change-of-control plans are described in the provided excerpt.

Because this is an Amendment No. 7, it updates an existing large holding rather than establishing an entirely new stake. Investors often treat such ownership disclosures as informational context about who holds meaningful positions, while the ultimate impact depends on any future actions or proposals that may appear in later filings.

Key Figures

Beneficially owned shares: 1,906,742 shares Ownership percentage: 6.73% Shares outstanding baseline: 28,333,893 shares +2 more

5 metrics

Beneficially owned shares 1,906,742 shares Common shares of Japan Smaller Capitalization Fund reported by each reporting person

Ownership percentage 6.73% Portion of JOF common stock represented by 1,906,742 shares

Shares outstanding baseline 28,333,893 shares JOF common stock outstanding as of 9/26/25 from DEF 14A

Total acquisition cost $15,579,583 Approximate amount paid to acquire the reported JOF common shares

Event date 04/29/2026 Date of event that required filing of this Schedule 13D/A Amendment No. 7

Key Terms

Schedule 13D, beneficial owner, margin account borrowings, subscription proceeds, +1 more

5 terms

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial owner financial

"the beneficial owner of the Common Shares reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

margin account borrowings financial

"and margin account borrowings made in the ordinary course of business"

subscription proceeds financial

"Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors"

dispositive power financial

"sole or shared power to dispose or to direct the disposition"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in Japan Smaller Capitalization Fund (JOF) does Saba report?

Saba Capital Management and related reporting persons disclose beneficial ownership of 1,906,742 JOF common shares, representing 6.73% of the fund’s outstanding stock, based on 28,333,893 shares outstanding as of September 26, 2025, cited from the company’s DEF 14A.

How much did Saba Capital pay to acquire its JOF share position?

The filing states that approximately $15,579,583 was paid to acquire the JOF common shares reported. Funds came from investor subscription proceeds, capital appreciation on those investments, and ordinary-course margin account borrowings secured by positions in the margin accounts.

Who are the reporting persons in this Schedule 13D/A for JOF?

The Schedule 13D/A is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba acts as investment manager, Saba GP as general partner, and Mr. Weinstein is managing member of Saba’s general partner and other affiliated entities.

What voting and dispositive powers over JOF shares do the reporting persons have?

Each reporting person reports 0 shares with sole voting and dispositive power and 1,906,742 shares with shared voting and shared dispositive power. This means control over voting and potential sale of the reported JOF shares is exercised on a shared, rather than individual, basis.

Does this JOF Schedule 13D/A amendment describe a specific new transaction purpose?

Item 4, which covers the purpose of the transaction, is marked Not Applicable in this amendment. The document focuses on updating ownership and related details, without describing new plans such as mergers, control changes, or other strategic actions in the provided excerpt.

How were margin accounts used in funding Saba’s JOF share purchases?

The filing explains that part of the JOF share purchases involved ordinary-course margin account borrowings. Positions in the margin accounts, including JOF and other securities, are pledged as collateral to secure any debit balances, though the exact margin portion used for JOF cannot be separately determined.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/30/2026 - 03:19 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

JAPAN SMALLER CAPITALIZATION FUND, INC.

(Name of Issuer)

Common Shares, $0.1 par value

(Title of Class of Securities)

47109U104

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/29/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 47109U104

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,906,742.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,906,742.00

11

Aggregate amount beneficially owned by each reporting person

1,906,742.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.73 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 28,333,893 shares of common stock outstanding as of 9/26/25, as disclosed in the company's DEF 14A filed 10/14/25.

SCHEDULE 13D

CUSIP Number(s): 47109U104

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,906,742.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,906,742.00

11

Aggregate amount beneficially owned by each reporting person

1,906,742.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.73 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 28,333,893 shares of common stock outstanding as of 9/26/25, as disclosed in the company's DEF 14A filed 10/14/25.

SCHEDULE 13D

CUSIP Number(s): 47109U104

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,906,742.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,906,742.00

11

Aggregate amount beneficially owned by each reporting person

1,906,742.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.73 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 28,333,893 shares of common stock outstanding as of 9/26/25, as disclosed in the company's DEF 14A filed 10/14/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.1 par value
(b)	Name of Issuer: JAPAN SMALLER CAPITALIZATION FUND, INC.
(c)	Address of Issuer's Principal Executive Offices: Worldwide Plaza, 309 West 49th Street, New York, NEW YORK , 10019.
Item 1 Comment: This Amendment No. 7 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $15,579,583 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 28,333,893 shares of common stock outstanding as of 9/26/25, as disclosed in the company's DEF 14A filed 10/14/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 4/29/26, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	N/A
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 9 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	04/30/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	04/30/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	04/30/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823